I applied for a parent plus loan while I was in college, under the advice of my college’s financial aid office. I say “while I was in” because I just dropped out of college due to it being too expensive, as well as financial aid not covering the tuition. I also did not want to apply for any more loans to risk going into more debt than I already am.
Anyway, I have a parent plus loan for 25k and a subsidized loan for 2k. With interest, the parent plus loan is 55k and since I’m on the Standard Repayment Plan, it’ll take 20 years to be fully paid unless I pay more than $233 a month which is the minimum amount. The subsidized loan does not start gaining interest until 6 months after I end school, meaning in November since I just dropped out in May.
But, like the title says, I don’t know what to do. I only work so little and my checks aren’t that much. I’m trying to get more hours and I even applied to 6 other jobs but no one is hiring. I don’t want to have the mindset that I’ll be in debt for my entire life but it really does suck to think this way bc I’m only 19.
Is there anything I can do? Are there anymore ppl in this situation?
Posted by bki_iyaa
1 Comment
Parent plus loans are taken out by parents on behalf of their children to attend college. How would you take out a parent plus loan unless you meant your parents took one out for you?